NAB is offering 100,000 NAB Rewards bonus points for new cardholders of the NAB Rewards Business Signature Card who spend at least $4,000 within 60 days of account opening.
In this guide we look at the NAB Rewards Business Signature – the sister card to the consumer NAB Rewards Signature Card offering virtually the same features, same earn rates including eligible business spend.
NAB Rewards have Velocity Frequent Flyer, KrisFlyer, Asia Miles, and Air New Zealand Airpoints as transfer partners, with the first three programs being very useful for those collecting and redeeming points in Australia.
The current 100,000 NAB Rewards bonus point offer is equivalent to 50,000 Velocity points or 33,000 KrisFlyer/Asia Miles when transferred.
Digging into the details of the NAB Rewards Business Signature Card
The NAB Rewards Business Signature Visa is linked to NAB Rewards, a flexible points program that allows you to earn points in NAB’s own rewards points currency which you can then redeem for merchandise or partner program points by transferring them at a later date.
|NAB Rewards Business Signature Visa
|Points earned from spend
|1.25 Rewards points per $1 on everyday spend
2.5 Rewards points per $1 in major department stores and hardware stores
3.75 Rewards points per $1 on overseas spend
|Eans points at the ATO
|Access to NAB commercial cards unauthorized transaction insurance and transport accident insurance
|Overseas transaction fee
|3% of the converted amount
|Minimum Credit Limit
As with the other NAB Rewards cards, the NAB Rewards Business Signature also offers uncapped bonus points for overseas spend and at major department and hardware stores, which could be a useful bonus category if you spend frequently in these areas.
We love flexible points programs because they let you earn points now, but decide later on the best partner or redemption option for your needs at that time. This reduces lock-in and increases the number of ways you can use your points.
There is a risk that programs like NAB Rewards can devalue too – they are able to change their transfer rates to their partners. But generally, across most banks and bank rewards programs, these changes happen infrequently, and with notice to customers.
NAB Rewards partners with Velocity Frequent Flyer, Cathay Pacific Asia Miles, Singapore Airlines KrisFlyer and Air NZ Airpoints programs and you can transfer NAB Rewards points to the aforementioned programs at the following rates:
- 1 NAB Rewards point = 0.5 Velocity points
- 1 NAB Rewards point = 0.33 Asia Miles/KrisFlyer Miles
- 1 NAB Rewards point = 0.005 Airpoints
Earning points with the NAB Rewards Business Signature Card
The NAB Rewards Business Signature Visa earns 1.25 NAB Rewards points on most eligible spend including at the Australian Tax Office (ATO), which is equivalent to 0.625 Velocity Points, 0.41 Asia Miles/Krisflyer Miles or 0.00625 Airpoints.
On top of the normal earn rate, you’ll earn twice as many points on all eligible spend at major department and hardware stores across Australia, which makes this a more compelling card if your business has significant spending in those areas.
You’ll also be able to pick up triple points – or the equivalent of 1.87 Velocity Points per dollar on overseas spend, but with an applicable 3% foreign transaction fee.
|Frequent Flyer Program
|Department & Hardware Stores
|0.625 point / $1
|1.87 points / $1
|1.25 points / $1
|0.41 mile / $1
|1.23 miles / $1
|0.82 mile / $1
|0.41 mile / $1
|1.23 miles / $1
|0.82 mile / $1
|Air NZ Airpoints
|0.00625 point / $1
|0.01875 point / $1
|0.0125 point / $1
There are no points caps applied for any NAB Rewards card too.
NAB Rewards points bonuses for overseas spend, department and hardware stores
The ability to earn bonus points at department or hardware stores as a general bonus category is unique to NAB Rewards cards, with no other bank cards on the market offering this yet.
The list of included retailers for extra points are as follows:
- Big W
- David Jones
- Mitre 10
- Total Tools
- Home, Timber & Hardware
NAB Rewards Points expire
One of the downsides to NAB’s Rewards program is the points expiry policy. This is outlined in the NAB Rewards PDS and states: Points in your points balance must be used to claim a reward within 36 months from the date the transaction which earned those points was processed to your rewards card account. Points that remain unused in your points balance after that period will be forfeited.
The points you earned into your NAB Rewards account first will be used first at the time of redemption, so you have three years from the date of earning the points to when they must be used.
This is a downside to the program for anyone who wants to earn large numbers of points and hold them for an extended period of time.
Travel & Purchases Insurance
The NAB Rewards Business Signature also offers the following complimentary insurances:
- NAB Commercial Cards Unauthorised Transaction Insurance
- NAB Commercial Cards Transport Accident Insurance
Unauthorised transaction insurance covers transactions that were not authorised by the business and made by cardholders, up to $20,000 per cardholder and up to $150,000 per year. Company Directors and their immediate family members are excluded.
Transport accident insurance covers cardholders for loss of life or injuries incurred while ‘riding as a passenger on a conveyance during an authorised business trip’. The costs of the ‘conveyance’ must have been paid on the business credit card before the commencement of travel. Some examples when this cover is activated include being a fare-paying passenger, boarding or disembarking a licensed plane, tourist bus, train or ferry, or if you are travelling to or from an ‘international or overseas departure port’ or if you are riding in a licensed taxi, bus or hire vehicle.
It appears that this policy is designed to ensure some travel insurance coverage for employees (as cardholders) requiring light ground or air transport coverage. There is no delay, baggage or other travel insurance coverage though, this is purely for accident or death during transport—hence the name of the policy.
A copy of the PDS for each policy is found below to assist you in determining whether these insurances are suitable for your business needs.
They can be found here:
- NAB Commercial Cards Unauthorised Transaction Insurance PDS
- NAB Commercial Cards Transport Accident Insurance PDS
This guide references some of the benefits of insurance policies provided with this card. You should read the PDS and obtain independent professional advice before obtaining this product.
Access to Visa Premium Benefits
This card has access to Visa Premium benefits, which cover a range of categories including Lifestyle, Entertainment and Travel.
A summary of the benefits include:
- Save on car rental, including fee waivers
- Access to accommodation booking services and hand-picked hotels.
- Special offers on VIP airport lounge access and travel assistance programs.
- Exclusive discounts and complimentary gift items at duty-free retailers and shopping centres.
The value of these benefits is highly subjective and depends if and where you can use them.
Key eligibility requirements for the NAB Rewards Business Signature
In order to apply for the NAB Rewards Business Signature card, your business must meet the following criteria:
- Australian citizen or permanent resident over 18 years old
- Has a turnover of at least $75,000 per year
- Operate a trading ABN or ACN
- Have at least 12 months of business financial data
NAB makes the process of applying simple by allowing the business to upload their financial data from any accounting package software, including Xero and MYOB.
Apple Pay + Google Pay support with NAB
Summing up – NAB Rewards Signature Card
The key appeal of the NAB Rewards Business Signature Visa, along with the personal variant of the card is the ability to earn uncapped bonus points with the department and hardware stores bonus category.
The biggest advantage of this card over the personal variant however is the ability to earn points on spend at the Australian Taxation Office (ATO). Otherwise the points earn rates are adequate, but not market-leading.
A downside of the card is that the complimentary insurances appear to be quite limited in what they cover, and it is likely that many small businesses will need to seek additional insurance to augment the coverage provided by this card.
The Visa Premium Benefits that come with the card are a nice feature to have and if you are able to take advantage of the bonus categories, then it can be a strong card worthy of consideration for small businesses.